As US Becomes a Top Tax Haven, How Secret Offshore Economy Robs the Nations Where Wealth is Made

When it comes to sheltering the wealth of the super-rich, the United States is moving up the ranks. A new study says the U.S. is now the third most secretive country for offshore finances, trailing only Hong Kong and Switzerland. While recent U.S. laws force banks and other firms to disclose the assets of American citizens, Washington has been criticized for failing to share that information with other countries. A 2012 study by the Tax Justice Network on the "offshore economy" estimated that wealthy individuals and their families have between $21 and $32 trillion of hidden financial assets around the world in offshore accounts or tax havens. The actual sums could be higher because the study only dealt with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts. The new documentary "The Price We Pay" tackles the issue of tax havens and their cost to the societies losing out on trillions of dollars in revenue.